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in the global economy to 3.3% in 2012. that forecast also downgraded to 3.6% for 2013. of course there are two topics weighing heavily on the 15,000 can delegates. one is the global slowdown and the second is the crisis in the eurozone. i asked the chief economist at the fund about whether or not spain needs a bailout. >> at this stage the interest rates that they face are low. the question is are the interest rates low because investors expect spain to ask for a program, in which case spain will have to ask for one, or are they low because spain is doing all the right things and investors are not worried. so spain, if you look at what they're doing, they're taking all kinds of fiscal measure which is are courageous. so they're doing the right thing no question. >> also noticeable in this economic outlook is the downgrade in the forecasts to some of the key emerging economies. for example brazil and india. the fund says brazil's economy will grow at a slower pace than the united states and lowered outlook to below 5%. i had a chance to speak about you who he feels the indian economy was shapin
. 1457 -- 1456. our next guest is making a staggering call. he says the world economy may be down for the count. that prognosis by brookings called tiger standing for tracking indice for global economic recovery. political conflict, lack of fiscal decision-making are two of the key reasons for the dire warning. >> how does this factor into the market? in today's "closing bell exchange," cornell university professor and senior fellow at brookings, which authored that very study. also with us are savita from merrill lynch. very strong language in the report, global economic recovery hits the ropes but you do make the point that the u.s. certainly looks better than everyone else. so, the key question is, can the u.s. avoid catching the world's cold? >> that's a literal statement. the u.s. looks better than other xhis in the world but it's not a great spot to be in. with the amount of policy and political uncertainty, the u.s. -- even the u.s. recovery staying strong is certainly not a sure thing. they'll be buffeted by headwinds from abroad because china and india are not doing well.
to higher receipts and lower outlays resulting in part from a stronger economy. also, a statement from treasury secretary tim geithner accompanying the release of these budget details. quote, the president has put forward a balanced proposal to further strengthen the economy and reduce the country's future deficits. it's time for congress to act on those necessary steps to it help sustain economic growth for years to come. of course, to add the fuel to the budget and deficit debate, fiscal cliff, and obviously ahead of next week's all-important debate between president obama and mitt romney. back to you guys. >> it's going to be fodder for our next conversation, i'm thinking. >> absolutely. right now it's not yet moving the markets if it's going to do that at all. >> michael, we were talking earlier that there are signals you see in this market which suggest a correction is coming. tell us what they are. is it the pattern we've seen this week? are some of the fundamentals behind it? in other words, that fight coming over the fiscal cliff related to the news that hampton was just give u
. germany is opposing the deal. >> lack of action from europe could risk pushing the global economy back into recession. >> you're watching "worldwide exchange," bringing you big news from around the globe. >>> welcome. "worldwide exchange" exchange. it's hump day. >> yes, it is. although it's been a shorter week for me. doesn't quite work that day. i guess i'm already over the hump. >> plenty coming up on today's program. >> indeed. let's take a look at where we'll be going around the world. >> won't attend imf meetings there as tensions between the two countries intensify. the u.s. government suing the nation's biggest mortgage lender. we'll take a look at how the global industry is faring. then it's off to paris. the stricken car maker is downgraded by moody's a day after demonstrators stage protests. we'll have details from the french capital. and we'll head to new york where there's an appetite for young, profits that is, up nearly a quarter from a year earlier. we'll take a look on a big day for earnings on wall street. and a big week that's coming up. joining us now onset, though,
economy. we'll also be the first to have yum brand results coming up. another key indicator of where this economy and market may be headed. here's where we stand now. a selloff this morning with the dow down 79 points. just kind of bumping along the bottom of the day, now at 13,506. the nasdaq is down 37 points. all these charts will look similar today. 1.2% down on the nasdaq. the s&p is down nine points at 1446. >> it's not a very happy anniversary today for the dow's all-time high. it was five years ago today the dow and s&p 500 hit their all-time closing highs. right now the dow is about 600 points away from that high-water mark. for the year, stocks are still up a solid 15%. why does it feel like it's the most hated bull market in recent memory? the numbers show that main street investors are not on the ride. they have been pulling money out of the stock mutual funds 15 of the last 16 months, putting cash into so-called safer assets, bill. we know that to be bonds. >> yes, we do. in today's "closing bell" exchange, we have larry blazer, peter bookbar, bob, and rick santelli stan
on the stock market, which mr. blankfein said is a separate animal, but on the economy as a whole. the great unleashing of capital that would happen if this problem was solved. and that's the stake here. >> yeah, sue, and not a great deal of confidence from either man today that any deal could be reached. really any time soon. >> indeed. i think mr. blankfein hit the nail on the head when he said in reference to the fiscal cliff, that he feels as though the fed has been, in his words, courageous but that there is no remedy from the fed for the nis c fiscal cliff issue if it is not resolved. that to me was a big headline and i hope a lot of congressman and senators out there are listening to that because that to me was the shot across the bow. that to me says if they do not buckle down and get this resolved, do not look to ben bernanke and company to solve the problem. they can't in mr. blankfein's opinion and i think that's an incredibly important warning sign. >> steve leisman joins us now. steve, we were all riveted to you as we were talking to you with the three wise men, simpson and bowl
more time. >> central banks take action on slowing grow global growth. economy with waiting demand. >>> plus the stakes have been raised for tonight's debate. new polls show the race for the white house has tightened. >>> welcome. it's thursday here on "worldwide exchange" and spain now holding above junk status. >> raising interesting questions as we'll discuss later in the program about investors' ability to maintain exposure to the sovereign. >> s&p move was expected, but it came after the euro group meeting. people now looking to moody's. if spain goes to junk, what does it mean for corporates. >> how many companies have we seen that are big, healthy companies being penalized and may not being able to have people invest in them because their rating is linked to the sovereigns rating. so whether they start to try to detach those or just the pressure it puts on those companies to perhaps look elsewhere. >> speaking to cnbc earlier, blamed the move on the pressure on spain, but more important was the backtracking on using esm to directly capitalize the banks. >> the perceived comm
economy will slow oil demand growth and more oil put into the economy. nevertheless, nymex is up because they talk about as well this morning spiking higher anyway. and we've seen brent surprisingly up near 116, 15.60, as well. so the iranian exports hitting a new low in september may just be helping that spike up. >> iea says supply risk whether iran, iraq, are still a fact of life in the oil market. nevertheless it does see opec spare capacity more than doubling in the next five years. >> there's a difference between that five year forecast and the short term. so we'll talk about the oil markets. also plenty more to come on today's show, as well. >> we'll find out why howard mark says gold is not an intelligent investment. we'll also hear from the chief exec tip of infosys. find out why the investors didn't like the latest results. >>> plus we'll catch up with the world trade organization. and later in the show, we let a democrat and republican fight it out on our air over who won last neat's vice presidential debate. but it's a subjective view. >> can we get that the testimony thinks
you characterize business the last three months? >> maria, good hearing your voice. the economy really continues to misfire and you see alcoa is really on the business side in high gear. we obviously in this environment focus on the things we can control. we got one thing there, two major issues were overshadowing it a little bit. a civil litigation case we moved out of the way and mediation, which has been pending there since 1989. that's gone. revenues, $5.8 billion. performance is basically paying off. we're hitting profitability highs. in the upstream business, you actually see when you open the hood that there's strong productivity underneath it and that we're adjusting the structure. that pretty much gives an idea of what's happening in the quarter here. >> a couple points, klaus. you mentioned that settlement with alba. is there any reason to believe there's more to come on this whether or not other lawsuits sort of carry on in the next quarter and the next quarter, or can you categorically say this issue is behind? >> well, the civil settlement is behind us. that's one thing. i
will surround the economy? let's talk. we have mike holland, david goldman and michael farr. michael, i don't care about third-quarter earnings. that is so yesterday's news. i can't stand it. that is just so yesterday's news. it's boring. it's nothing. maybe the guidance has something to say. but the economy is not in bad shape. the economy is not in bad recessionary shape and a political revolution is coming and i want to get your take. after you get through taking profits, michael, what happens next? do you buy them back? >> i think you do a little bit, larry. i think there's certainly time to take some off the table. i'm glad we don't have to pay attention to third-quarter earnings. i've been sweating that. but 2% gdp growth after you get to an almost 10% deficit spend of $3 trillion out of deficit stimulus, it's not robust growth. what happens in this election is important. clearly people have to get out and vote. what's going to happen on this groundwork and infrastructure of our economy over the next four years is going to be crucial for future generations. >>. no, it's not about infr
of this economy if we are going to have a foundation. >> jarod. >> stephen -- >> let's not talk over each other. listen. >> jarod i'll give you the last word. >> because home prices are beginning to appreciate. we have under a million under wat water borrowers and they are able to refinance. this is able to kill that now would be a huge error. >> i want to see the short sales continue. that is all i want to see. the rest of it we have made a complete mess of it. and i fear we are going to make a mess out of the fha. it could go bankrupt before this is over. thank you both. coming up. we have the five year anniversary of the all time highs in the stock markets. five years ago today the how long will it take to get back to those highs? i think it could happen before year-end and you will hear why. later, tens of thousands of protesters fill the streets and nazi clad crowns waving swastikas. and i must say it will work in housing like every place else. stay with us. two years ago, the people of bp made a commitment to the gulf. bp has paid over twenty-three billion dollars to help those affected a
that regardless of who wins the election or controls congress is quite clear that the economy will have to suffer potentially from higher taxes and indeed reduced government spending. >> rick santelli, you heard that whole list of reasons. is that why we saw this ten-year auction today? people gobbling up ten-year government debt at these extremely low yields because they think they're not going to get much better elsewhere? sounds like people don't think there's a lot of growth coming. >> i think there's a little bit of truth in all of it. i'll bring up another point. i think october, a lot of mutual funds ahave the end of their fiscal year. it's been a good run for stocks. the spread between what the stock market is telling us and the economy is pretty wide. the election, depending how it turns out, could have a lot of implications. to me, it makes perfect sense the closer we get to the end of the year, the closer we get to november, people are going to be lightening up. it all makes sense. >> yeah, and mandy, you were highlighting earlier oil is lower, gold is lower. a lot of the base material
that the global economy has weakened further and now predicts slower growth for the next year. the advanced economies like the u.s., imf saying growth now too slow to make a serious dent in unemployment. meantime the imf predicting growth will begin to slow down in emerging economies such as china. the global forecast now at 3.3% for this year. by the way, that is down from the july estimate of 3.5%. >> you can call it general feeling of uncertainty about the future. worries about the ability of european policymakers who controlle euro crisis, worries about the failure of u.s. policymakers to agree on a fiscal plan. >> as for greece, the imf sees athens missing that five year at the time reduction target that underpins the euro bailout. so they could have problems. and also warning that spain will likely miss its targets in 2012 and 2013 and debt will jump to more than 90% of gdp as it recapitalizes its banking sector. joe. >> i'm looking at an interesting piece on the imf. what got me is that it will slow to 3.3. and what that shows you is the contribution from developing nations. >> china
'm not an eternal optimist. i think this is all perfectly fair. >> is the economy getting worse? is it getting worse? >> yes, yes, yes. it's getting worse. absolutely getting worse. >> 7.8%. >> look, worldwide, larry, the velocity of money is dead. >> what does that mean in. >> there's no turnover. this unemployment number that the optimists hailed at great at 7.8% lifted by part-time workers. >> no one said it's great. this is important to both of you since you are both in this camp with respect to the federal reserve. you can make the case -- i don't want to get too wonky and bore our viewers, but you can make the case that the federal reserve by doing what it's doing is simply offsetting the decline in monetary velocity. if they hadn't done this, but -- >> you're not fooling corporations, though. there's no capital formation. that's why no one is hired. the male participation rate in the labor force is the lowest since 1948. >> would it be high fehr the federal reserve -- >> yes. absolutely. >> we had a strong dollar since the plaza accord in '85. >> well, look aat athe job -- >> thank ronald rea
everything but the kitchen sink. the disparity between the stock market and the reality of the economy is the spread is very wide. anticipation of the uncertainty. you know, we've been talking for weeks, months, the fiscal cliff. here's the correction. i'll go along with it. yes, i think market's going to work its way lower. >> dan, are you nervous that all four of you agree and are nervous? >> i'm not really that nervous. >> when we get 5% corrections, they're over and done with before we have a chance to act on it. if you get a 5, even 7% correction, you want to use that opportunity to buy stocks that may be down 8 to 9%, 10%, perhaps. >> what are you going to buy here, david? >> i'll give you a few names. on a smaller cap site, itt, which is a spinout. about a year ago they spun out their defense and water business. i think the management is very shareholder driven. the yield is compelling, and they're going to grow the yield. another name that looks compelling to me is the housing market continues to improve. lowe's, very shareholder driven. valuation at a discount to home depot. i
, the one thing they are specific about is they will take taxes from 18.5% of the economy under normal circumstances, the historical average for the last 30, 40 years, to 21%. that over a decade is a $5 trillion tax increase. they tend not to talk about it, but it's the most important thing in simpson/bowles, a $5 trillion tax increase. there is no room for tax reform because they take all that lovely money, and they spend it. >> look, okay, there's tax rates and tax revenues. now a couple of things, tax rates, marginal rates are different from tax revenues. revenues can come from growth, from capped deductions. i just want to ask you, grover, do you support mitt romney's plan which would lower the rates, put a strict limit on the dollars of tax deductions and increase the economic growth rate? do you support romney? >> well, romney's plan is revenue neutral. he's made a commitment to the american people not to have a net tax increase. that's a great plan. obama wants higher tax rates, and schumer, the leader in the senate, made that clear as well, so it's between romney wanting to cut
agenda. joe biden and paul ryan clashing on on the economy and the mideast. we'll bring you highlights. plus everyone from washington to wall street is still buzzing about a cnbc exclusive. as the fiscal cliff near, steve liesman sat down with lloyd blankfein, alan simpson and irs skin bowles. >> people won't understand how critical this time in history is. we have $7.7 trillion worth of economic events that will hit america in the gut in december. and in washington they're doing nothing about it. nothing abit. we should be asking these guys running for president and every guy running for congress what are you going to do? >> we're accepting the challenge to do something about the looming fiscal cliff, so this morning we will ask each of our guests about the stakes and consequences for action and inaction. blankfein predicts that there would an huge positive impact on the economy and the markets if a bipartisan compromise is reached. he says he would be a buyer of the market as a result. plus andrew has a great line of corporate leaders. >> thank you, becky. and did you a remarkable jo
what they feel about the economy already. they're living it every day. so because there's a headline that says 7.8, it's a talking point, but they already know what their friends and neighbors are doing. >> when do we find out how romney is fun raising compared to that 180 million or whatever? >> i think if it was so par with obama's, we would have heard already. i think it's probably behind. >> you don't hear that that's unbecoming to have so much money to spend. just don't hear -- it's alway s the republicans. >> it's not decided by money. nice to have, but there is saturation information for the small number of swing voters. and even if obama beat romney by 20, 30 million, that won't make the difference. obama will have to improve his performance in the debates. >> a gallup poll has romney and obama tied at 47% each. >> that's early for gallup. >> right here. >> their daily track comes out at 1:00, but this could be a different mole. i'm not aware of this new poll. >> this is one they took afterwards. it's just -- >> i'm hearing about it for the first time. >> i think it just hit
when you're looking at what the economy is going to do. >> one of the things alcoa has been able to do, particularly with the ceo, is take aluminum and replace a lot of other different metals, whether it be steel in cars because it's much lighter and therefore you use less gasoline. airplanes because again it produces the gasoline use. by the way, it does construct electricity, maybe not as sufficiently in copper but it is used in china. when you look at a can, you know it is recycled over and over again. the skin of an apple ipad, i mean, aluminum has become the fundament. aluminum has been hit by football hedge funds and we have chinese people producing huge amounts of aluminum. if they would close that and let alcoa come in, then you would see a much better number from alcoa. i'm urning people not to look at the earnings per share. that is not going to be -- what you need to do when look at alcoa is look at the individual forecast that he makes. when you see him as a man of his word, this is the barometer i look at not set up by a particular group of people other than a major compan
.8%. the best number since january of '09. the economy created 114,000 new jobs for the month in line with what economists were looking for and job creation numbers for the two previous months also revised upward. after a mixed start to the week the markets bounced back after positive economic data and what some called a romney rally following the presidential debate. the market was mixed, though, on friday. the auto sales are powering on an annualized basis, auto sales hit 15 million units, the best number since march of '08. gm and ford posted flat numbers but chrysler, toyota and volkswagen were strong. >>> a major milestone for facebook. the social network surpassed the 1 billion user mark for the month of september. ceo mark zuckerberg made the announcement this week. the company stock is down from its share price earlier this year. >>> there's no such thing as a foolish question about money, the markets or the economy. so says my next guest tom gardner, ceo of "the motley fool." tom, good to see you, thank you for joining us. >> good to see you, maria. >> we got the numbers out on friday
roadmap starts off in china. a lower economic forecast from the world bank? is their economy getting even worse? >> earnings season here begins tomorrow with alcoa, costco, jpmorgan highlighting the week. we'll tell you why alccoa is a tell on how earnings will go. >> more worries for apple investors. reported work stoppages at foxconn. the stock now below the 50-day moving average. >> and huawei is sparking new concerns about cyber security. >> we begin with markets around the globe under pressure on global slowdown worries. 7.7% growth in china down from a previous forecast of 8.2%. the world bank citing weak global demand due to the european crisis and a slow u.s. recovery. data from europe showing industrial output in germany fell .5% in august. lots to digest. the world bank note was interesting. what they pointed out was a lot of chinese cities that had these aggressive and ambitious spending, stimulus plans to rebuild the cities might have trouble running into funding for these projects. >> i think a lot of the data that we see today is catch-up. there's just not a lot of good news
option for the nation and the economy. >> there are all these potential outcomes. i would defy any one of you to really know what they are. therefore, it is irresponsible policy just to say, let's see. let's not see. i mean risk management says let's try to avoid that. >> dimon says he has even bigger issues with the tone in washington regarding american business right now. >> if you think that washington and business can go to war with each other and it is going to be good -- terrible error. i mean collaboration is what should happen. we should have had collaboration. we were in a crisis. every busy know wanted help to get things done and would have pulled together, worked around the clock but it became a war. now we're relitigating parts of those wars. dodd-frank and health care. it's all being relitigated. >> on the issue of collaboration, he talked about what's going on o in europe to try to stem the debt crisis. and he said, you know, the thing about europe is it has the will but not the way. we have the way. but not the will. >> we are going to keep monitoring it. thank you very
, the domestic economy and the overall gdp numbers will still remain weak in china because of the weakness in manufacturing and exports. but overall, we still think there is a good chance for the chinese economy to rebound in the first half of 2013 and also we expect china to solve the la soft land. >> what is the definition of a soft land in terms of numbers for you? >> well, i would say china would likely retain growth and see the growth number rebound from there in the first half of 2013. more than like 8% or slightly above it. >> what does that mean for the chinese stock market? it's been a big under performer. hoard a week off. hasn't been tell already today. so what happens the rest of the fourth quarter with that economic backdrop? >> fourth quarter, first day of the quarter is not doing too well of a taker week long vacation despite strength in the overseas markets. i think that's because the market is still digesting the slowdown in macro numbers as well as slow down in earnings growth. but i will say that the market is above defined bottoms. fourth quarter probably first half wou
that gilead lost its mind. gilead has strong management teams and they don't need a strong global economy. secular growth stories will continue to make money, and the world economy smashes into a retaining wall. you don't stop taking life- saving medicine because of a recession. bottom line, the next 2 1/2 months, gilead and alex i don't know -- alexion are going higher, and every manager wants to show they own what's hot and what's not is not in their portfolio. you can pick these stocks up, and frankly between now and year ends on any weakness. and i speak to elizabeth in florida. elizabeth. >> caller: hey, cramer, solid growth offset concerns over the euro, do you see a 20/20 buy or a glaring pass with luzotica. >> on "60 minutes" this piece came on, and they did an amazing piece. and i said everybody in the world knows everything about luzotica, what value can i have? when everyone knows everything, it's too late to own. need a dose of year-ends momentum, amazon, google, visa ulta, alexion, vista, master card, and gilead. don't move, the lightning round minutes away. >>> coming up, "m
on growth, maybe in the recovering economy, maybe a romney presidency. whatever you want to say. you could look at consumer discretionary names. they should do wonderful, especially with fed accommodation. history has shown us previous times, consumer discretionary stocks did exceptionally well. overall the stock market should do great next year. you can look at the fed argument. you can look at fundamental analysis. both sides support a bullish signal. >> so the four down days we've had here, the five, you see this as a buying opportunity? >> absolutely. build up the war chest. a great entry point into equities. >> debra, you're right in there with him, aren't you? >> absolutely. it pains me to know how many people have missed this rally, that they pulled so much money out of equity funds. the people that stayed in equity funds have gone into the dividend funds. they've gone into the index funds. it breaks your heart to see that so many people have left so many profits on the table. >> rick santelli, were you surprised at the strength of the euro, even after the downgrades overnight by mo
? >> in the near term, we very well could. look what we talked about here. you got the economy concerns, earning concerns, election concerns, european concerns. our take is a lot of those things already baked into the cake. remember, the market's forward looking. an easy way to quantify this, look at the vix options. we've noticed a huge surge of vix call ads over the last month. what does that mean to someone listening? that's a lot of concern out there. obviously we just said a lot of concern. look at the last two years. we did this study the last two years. we saw vix call ads just like the last month. they all marked major bottoms. it has been happening for three and a half years now. we still like the market. >> show that vix chart again, if you want to. the fear indicator has been a contrary indicator. when it's up high, that usually signals a market bottom. we're at a year's low right now. >> everybody's complacent. >> doesn't that signal maybe we're closer to a top than a bottom? >> you're right, bill. you bring up a great point. the interesting thing about the vix, it actually existed b
takes aim at a chinese tech company over security concerns and the slowing chinese economy also pulling down our markets. so how do you play china right now? pain at pump. gas prices in california top $5 a gallon in some places and the governor's jumping in to intervene but the question is, is that really going to do any good or is the market going to decide the price? >>> and political roulette. the key swing state of ohio making a big bet on casino gambling. brian schactman has more on the new jobs and new opportunities from cashing in on sin. >>> but first, tyler is off today so bob pisani is my partner for the army. down at the nyse. >> pleasure to be here, sue. concern about china's slowdown raised by the world bank putting pressure on the market today. europe's been closed for about 1 1/2 hours right now. china now back to us after a week off. that sector to the downside as well. most of europe was weak here today. france, spain and italy all to the downside. euro a little weak. on days when the euro is weaker, the dollar stronger. typically our markets are to the downside as well
's still the world's biggest economy. and if companies just are going to sit on cash, they're going to lose. they're gonna lose, because only the people that are going to invest their way through this crisis are going to win. >> immelt is also supporting a tax holiday for global companies to get them to bring back home more than $1 trillion in profits they're keeping overseas. he says businesses would start hiring, even though they didn't when a tax holiday was tried in 2004. >> when it happened last time, it didn't. >> right. >> so there's plenty of evidence that says that i'm not right about that. in other words, do i know how many jobs it's going to create? i don't. but it can't intellectually be any good to anybody to have $1.2 trillion outside the u.s. >> shouldn't american corporations--don't they have some kind of civic responsibility to create jobs? no? >> my name is not above the door. i work for investors. investors want to see us grow earnings and cash flow. they want to see us be competitive. they want to see us prosper. >> he wishes the public felt the same. >> i want you to ro
about china's slumping economy and that's probably the bigger and more important piece of all of this. the ceo cautioning that the company's noticed a slight slowdown in some regions and end markets, namely china, lowering those expectations by a percent across the board. let's talk about where shares of alcoa are going. they have risen, though, in after hours. the company is raising its four-year outlook after sales held up despite cooling economic growth, shares rising on the news after the bell. and early this morning, costco out with its results. the warehouse operator's earnings and sales beat estimates, joe, so are you a costco -- >> never been. >> never been to costco? >> i don't shop, though, andrew. you've been? you need a truck to bring your toilet paper snohome? >> you've been to walmart? >> i've been to walmart a couple times. >> i'm not a huge shopper. >> jim cramer is a huge costco fans. they have all kinds of scavenger hunts you can go on to find all kinds of good deals. out with better than expected earnings. >> every quarter since its first, you always see the financi
tell you what the ayatollah sees, he sees his economy being crippled. the ayatollah sees that there are 50% fewer exports of oil. he sees the currency going into the tank. he sees the economy going into the freefall and he sees the world for the first time totally united in opposition to him getting a nuclear weapon. now with regard to b.b., my friend for 39 years, the president has met with b.b. a dozen times. he spoke to b.b. netanyahu as much as he's spoken to anybody. the idea we're not -- i was in just before he went to the u.n., i was in a conference call with the president or with him talking to brj b. well over an hour and stark relief and detail of what was going on. this is a bunch of stuff. look, here's the deal -- >> what does that mean a bunch of stuff. >> it means it's simply inaccurate. >> it's irish. >> it is. >> we irish call it mularkey. >> okay. >> we call it mularkey. the secretary of defense has made it absolutely -- didn't walk anything back. we will not allow the iranians to get a nuclear weapon. what b.b. held up there was, when they get to the poi
's conference call saying mortgage standings are high, we need a stronger economy to loosen credit. and he also said the basel capital requirements are a huge incentive not to lend to anybody who has less than a 680 credit score. >> i think that's right. the national association of realtors putting out that -- the way a lot of deals get killed, if you're in the real estate market, what you're trying to buy doesn't appraise. what you're trying to buy for more than the last comp. -- obviously the last comp. housing wasn't doing as well so you're struck with previous figures. this is now -- we were buying houses 120% of loan to value, and all the people who did that are gone. so now you have people who are serious lenders basically saying, look, we'll give you the money, provided you have the money in the bank. >> right. we talk a lot about incredibly low mortgage rates but not seeing what we have anticipated. >> right. we ought to wrap this up. >> all right. >> we could keep going. only 20 minutes. >> i wanted to always do this. i don't have what's known as an ifb on "mad money." and there's alwa
of the economy, 3 1/2 years off the bottom of the market, up 115 some odd percent, and yet sentiment still remains extraordinarily negative, with people putting money into bond funds and taking the most overvalued asset class and taking money out of equity funds. so, the sentiment is more reflective of a market bottom, not a market top. >> hank, at the same time it looks -- >> guys, i don't think sentiment is quite as negative as the gentleman is stating. let's not focus on what they say. let's focus on what they do. last month we saw huge inflows into u.s. stock etfs. $18 billion versus $3 billion in august. in addition to which this entire rally since the end of june has been predicated on multiple expansion. that's positive sentiment. none of this has anything to do with economic growth. because the fact. matter is, it's just not there. profit growth isn't there, either. we're going to be down 2.6%. i think sentiment, actually, is way stronger than what the earnings would suggest it should be. >> scott, give us some takeaways of what people should do here as they look forward earning se
in that clearly faltering economy. then the book of negativity was tossed to europe where we saw still more dillydallying. will spain take the bailout or not? it's the european spinoff of deal or no deal. by the time we get to our market as represented by the s&p futures i saw this morning at 4:00 a.m., we were looking down substantially, aided by some world bank survey that downgraded global growth. i have to admit that when i heard the litany, my first reaction was all right, here we go again. get ready to batten down the hatches because of the chinese slow down and the european stalemate. i tweeted just that at 4:15. on jim cramer@twitter. i said here we go again, get ready. but the more i thought about it, the more i realized, are you kidding me? this again? these two headlines? are they even headlines? when they were first in the news, they were clearly disruptive forces, terrorizing ones even. they stayed that way for many, many months. but somehow the market has graduated from them as the media and the short sellers haven't. sure enough we opened down all ugly, but then we spent the
confidence in the overall market, in the overall economy? >> i think you're beginning to see hints of that. it doesn't mean it's all clear. the reality that we had today, for example, was really just everybody's perception that the real estate market is just going to start getting better and it's an upward swing from there. >> two premier names in the industry there in century 21 and caldwell banker. we were talking during the break, you're watching also so-called secondary ipos, those companies already public that are issuing new shares to the market. those have done very well as well. >> bill, i got it tell you, there has been such a resurgence in the filings of secondaries and pricings. it's on a five to one basis versus the regular ipos. our business is now almost completely focused on what happens between 4:00 and 5:30 when these deals come out. huge cash available. these deals are working. it's another thing to address michelle's issue. the underwriters have changed from the facebook times where they're pandering to the issuer. now they're worried about the investor. these discounts
thing to do to run a good economy and even what they're doing now, they're raising taxes. this is like a death wish and a suicide attempt by europe and not america's fault. >> i want to ask you which is worse? the peace prize to president obama in 2009 or giving the peace prize to the european union, which is worse? >> as a gambler would say that is a pick 'em situation. >> you chicken. jimmy p. gets the best of the best. up next on "kudlow," we have a cia deception detective to see how many times my friend joe biden lied in last night's debate. "the kudlow report" coming right back. when you take a closer look... ...at the best schools in the world... ...you see they all have something very interesting in common. they have teachers... ...with a deeper knowledge of their subjects. as a result, their students achieve at a higher level. let's develop more stars in education. let's invest in our teachers... ...so they can inspire our students. let's solve this. as part of a heart healthy diet. that's true. ...but you still have to go to the gym. ♪ the one and only, cheerios ...but you s
, some people may feel good about alcoa but it is what they say about the global economy, what they're seeing in the end markets and how did you interpret that? >> got to go case by case as klaus klein loves to detail case by case, a ceo finally been able to explain the real economier have sups tversus the aluminum company. you buy aerospace and autos in the u.s., ford is challenged by europe, gm is challenged by europe but autos are strong. construction up in the air, actual sheet rolled just okay. most importantly, i felt was he gave you hope about china. he didn't just take it away. he's talking about china doing better. trucks are horrible, we knew that from cummins. ebitda not so bad but cash flow not that hot. >> you couple it with cummins, lowering for the year, going to cut 1,500 jobs, going to start cutting work weeks, is this just cyclical slowdown? they say when the cycle inevitably comes back, these cuts will leverage them for better performance. >> the truck population is not young anymore. so i'm not saying, i want to say it is cyclical. people are very much underestim
season? >> 7 in 10 consumers feel like the economy is abysmal. only 3% felt like things were going well. and one in four american parents felt like they weren't going to be able to buy everything for their kids that they wanted this year, which is depressing. the other thing that's interesting, national retail federation came out with a study saying spending will only be up at around 4%, and that's at around $600 for a family. so don't expect big increase in spending this year. >> cotter, thank you very much. appreciate your time. >> thank you. >>> coming up in just a bit, the s&p is coming off four straight days of losses. we'll ask scott nations in the bulls can turn that trend. but first as we head to a break tar take a look at yesterday's winners and losers. [ male announcer ] the 2013 smart comes with 8 airbags, a crash management system and the world's only tridion safety cell which can withstand over three and a half tons. small in size. big on safety. hey, it's sandra -- from accounting. peter. i can see that you're busy... but you were gonna help us crunch the numbers for accou
economy in order to keep growing. they're secular growth stories and will continue to make money even if the world economy smashes into a retaining wall wrush don't stop saying life-saving medicine because of a recession. here's the bottom line. at least for the next two and a half months gilead and alexion are going higher because they've been going higher because they're already hot stocks, and every growth-oriented portfolio manager out there wants to show their clients that they own what's hot and not -- and what's not isn't in their portfolio. that means these stocks are anointed for the fourth quarter. you can pick them up between now and year end on any weakness. next speak to elizabeth in florida. >> caller: hey, cramer. i want to know lexiotica is controlling market share and off set concerns over the euro, so does this italian monopoly seeing you a 20-20 buy or a glaring pass? >> i was over at the haley's, and we were watching "60 minutes." the first thing i did was hit up luxotica. it was a really good business story, and i felt the first thing i said was everybody in the w
and that clearly faltered the economy. then that negativity was tossed to europe. will spain take the bailout or not? it's the european spinoff of deal or no deal. by the time we get to our market, i saw this morning at 4:00 a.m., we were looking down substantially. eight of us on world bank survey. i have to admit that when i heard the litany, my first reaction was, oh, here we go again. get ready to baton down the hatches because of the chinese slow down and the european stalemate. i tweeted just that at 4:15. i said here we go again, get ready. but the more i thought about it, the more i realized, are you kidding me? this again? these two headlines? are they even headlines? when they were first in the news, they were clearly disruptive forces, just terrorizing. they stayed that way for many, many months. but somehow the immediate market is graduated from them. sure enough we opened down all week. but then we spent the rest of the day trading higher. it was a clear win for the bulls. here's why, last year at this time a european debt crisis was really coming to the fore. and here in this co
to where they were it's not even meaningful to the economy. second battle, as plain as the hornet's nest or normandy beach in world war ii is the fiscal cliff. the bulls say it's not a cliff, more of a hill. a gentle and negotiated descent if it happens at all. to the bears it's one of the 2000-foot crevasses, an everest-style thing made worse by the fact the race for the presidency is so polarizing and long lasting. if you think it's difficult wait until the tea party owns the republican party in january. how about the earnings for 2013? want to see where the battlefield is most dark? consider the knife fight over fed ex press. the bears say this worldwide transport guided down not once but twice within a fortnight and posted a company in steep decline from the stem of asia to the stern of europe. the bulls have a knife shortened when they talked about next year being a good one and then a great one, taking no prisoners. hard to quibble with a winner. fedex is above where it was when it announced a shortfall but above the national negative preannouncement. you would think the bears woul
relative to where they were not meaningful to the economy. the second is plain as the hornets' nest such as an in world war ii, the fiscal cliff. bulls say wait a second. upon further review, not a cliff, more of a hill, a negotiated descent if it even happened at all. to the bears, a 2,000 foot crevasse ever vest style made worse by the fact the race for the president is polarizing and long lasting. just wait until the tea party owns the republican party in january. want to see where the battlefield is most stark? consider for a moment the knife fight over fedex express. the bears point out this most important worldwide transport guided down not once, twice within a fortnight and painted a picture of a world in steep decline from the stem of asia to the stern of europe. the bulls arrived with a bowie knife sharpened by an analyst talking about next year being a good one and the year after that great one, taking no prisoners. the result hard to argue with a winner and they announced a secondary shortfall above a secondary pre-announcement. you would think the bears are waving a big
a lot of catching up to do and this is not a secular growth story. even if economies around the world slow down, companies will still keep adopting credit cards and debit cards. they are more convenient than cash. these stocks are about the march of progress. it is not going to be halted by a bad chinese gdp number. plus we know global spending met ticks stablize in july and august after dropping off. things are looking brighter. what else? both companies have pristine balance sheets. visa is sitting on $3.2 billion cash. each have like able management teams. ceo of visa ran provide yan. and before that he was in charge of fleet bank. how about this masstermastercar? he took over in 2009. i'm hearing this guy is brilliant. he became the ceo of asian pacific. this is a brand guy who understands the emerging markets and by wait. you are welcome on this show. now the great thing about them is that they are both when striking distance, the stocks are pretty cheap. i'm not saying they are cheaper than 2015 earnings, now that we are in the 4th quarter, they are inexpensive on next year's nu
of housing. unique time in the history of the economy of this country and this is absolutely a pure play. we're not a builder. we're not a retail. we're not home depot or sherwin williams. we are a fee-for-service. we represent 93% of the business. so it is a terrific opportunity. >> the company went private at about 12.7 times, there are those who say that that number itself may be overstated, that you take a lot of one-time expenses that should be excluded. how do you respond to those who say those one-time expenses keep occurring and therefore we are a little concerned. >> actually one-time expenses will abate over time. those are legacy issues. i think the real attractiveness is the free cash flow generation of this company. we're essentially eliminating half of our interest expense. deleveraging of the company and a macro environment will contribute substantially to the benefit of our shareholders. >> you think you can also refinance? you have about a 7.5% cost-to-cap at this point. >> listen, this creates optionality and we're going to be in the position of having the option to do a va
portray themselves as more elder statesman as people who can help steer our economy to be voices of reason i think it obviously helps them and helps the barpging industry more broadly. >> these are two public spirited individuals. coming out and obviously beseeching congress and the white house to veer away from this collision course that we seem to be on. is anybody in washington listening to the common sense that both of those gentlemen are speaking? >> i'm not sure either the white house or any lawmakers are going to use as their big point that they like an idea because the head of jpmorgan or goldman sachs likes it. that said, both lloyd blankfein and jamie dimon have a lot of power and a lot of money, and they're now willing to spend it on trying to avoid this fiscal cliff. this is a change from last year because in that big battle over the debt limit last year, bankers and other top ceos really had an energy towards getting involved in washington. but this time they seem to really see the risk is there and want to get involved. >> zach, might i also suggest that it is simply common s
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